Semantic model for insurance software components

Abstract

A computer implemented method and system for insurance enterprise management and data acquisition and communication has an enterprise service bus and semantic model for communicating across different insurance businesses to retrieve data common to one service. The system and method utilizes a semantic model under a service oriented architecture which facilitates an insurance administration suite that supports user configuration of modules for use across a plurality of insurance business functions and lines. The integrated insurance administration suite supports insurance workflow management by allowing a user to configure modules to meet the needs of an insurance carrier. Insurance administration suite modules have functionality for policy, claims, billing, collections, financials, distribution, business intelligence, and reinsurance. Modules may be implemented as an integrated, enterprise solution for all lines of business that a carrier handles. The configuration features and functionality allows the entire suite to be adapted to meet the needs of the enterprise.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit of U.S. Provisional Application No. 61 / 428,419, titled SEMANTIC MODEL FOR INSURANCE SOFTWARE COMPONENTS, filed Dec. 30, 2010.TECHNICAL FIELD[0002]The present disclosure relates generally to computerized systems and methods for providing insurance services. More particularly, the present disclosure relates to a computerized system and method for identifying and managing data to facilitate straight-through processing in order to manage the workflow and data access of multiple insurance processes according to an enterprise model.BACKGROUND OF THE ART[0003]Conventional insurance businesses traditionally grow from providing one type of insurance (e.g. auto insurance) to providing several differing types simultaneously. This pattern generally results in incorporating a new set of information and data management. Additionally, each type of insurance often has its own specialized software and computer interface...

AI Technical Summary

Benefits of technology

[0008]The present disclosure describes a computerized insurance administration system and method that utilizes a novel semantic model to support communication between disparate modules providing functionality for a plurality of insurance administration operations and encourages straight-through processing (STP). The computerized system and method implements an insurance administration suite that supports communication and STP across a plurality of insurance business functions and lines. The integrated insurance administration suite also supports insurance workflow management by allowing a user to configure modules to meet the needs of an ins

Problems solved by technology

As insurance businesses grow, however, the software services are not design

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